Franklin Street Properties Q3 loss widens to $9.1M

Q: What were FSP's third-quarter 2026 revenue and net loss?

Revenue was $24.934 million and net loss was $9.103 million for the quarter ended September 30, 2026; the comparable third-quarter 2025 figures were $27.300 million and $8.326 million.

Q: What was FSP's owned-property occupancy at September 30, 2026?

FSP reported 13 owned properties, 4,613,251 square feet and 66.2% leased as of September 30, 2026. At December 31, 2025, it reported 14 owned properties and 68.9% leased.

Franklin Street Properties Corp. (FSP) reported third-quarter 2026 revenue of $24.934 million, compared with $27.300 million a year earlier, and a net loss of $9.103 million, versus $8.326 million.

Filing Impact

(High)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

8-K

Rhea-AI Filing Summary

Franklin Street Properties Corp. (FSP) reported third-quarter 2026 revenue of $24.934 million, compared with $27.300 million a year earlier, and a net loss of $9.103 million, versus $8.326 million. Adjusted EBITDA was $10.285 million, versus $8.582 million; FFO was $1.435 million, versus $2.323 million, and AFFO was a loss of $878,000, versus a $3.181 million loss.

Operating cash flow for the nine months ended September 30, 2026 was $4.721 million, versus cash used of $78,000 a year earlier. FSP sold Greenwood Plaza on July 8, 2026, for approximately $19.4 million gross and used approximately $8.5 million of net proceeds to repay debt, including interest and fees. Initial Term Loans outstanding were $266.852 million at 9.00% as of September 30, 2026.

The board determined to suspend quarterly dividends; FSP estimates this will preserve approximately $4.1 million annually and says it will reassess quarterly when and if payments can be reinstated. FSP intends to pursue selected asset and subportfolio sales in the fourth quarter, subject to acceptable final pricing and counterparties completing due diligence and finalizing financing.

3 points · 1 major

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance works How Sentiment works

0 major · 3 points

How the balance works

Positive

Major pointGreenwood Plaza sold for approximately $19.4 million gross; approximately $8.5 million of net proceeds repaid debt. 41% of market cap
Moderate pointAdjusted EBITDA was $10.285 million, compared with $8.582 million a year earlier.
Moderate pointNine-month operating cash flow was $4.721 million, versus $78,000 used.

Negative

Moderate pointThird-quarter revenue was $24.934 million, versus $27.300 million a year earlier.
Moderate pointThird-quarter net loss was $9.103 million, versus $8.326 million.
Moderate pointThe board announced its decision to suspend quarterly dividends on March 9, 2026.

Filing Explained

At September 30, 2026, 66.2% of FSP’s owned portfolio was leased, down from 68.9% at December 31, 2025.

This Form 8-K furnishes FSP’s results for the quarter ended September 30, 2026; the schedules report 13 owned properties and quarter-end cash, cash equivalents and restricted cash of $34,851 thousand, alongside debt of $266,852 thousand.

The owned portfolio was 66.2% leased at September 30, 2026, compared with 68.9% at December 31, 2025.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Third-quarter total revenue: $24.934 million Third-quarter net loss: $9.103 million loss Adjusted EBITDA: $10.285 million +5 more

8 metrics

Third-quarter total revenue $24.934 million Quarter ended September 30, 2026; $27.300 million in the same quarter of 2025

Third-quarter net loss $9.103 million loss Quarter ended September 30, 2026; $8.326 million loss in the same quarter of 2025

Adjusted EBITDA $10.285 million Third quarter 2026; $8.582 million in third quarter 2025

Funds From Operations (FFO) $1.435 million Third quarter 2026; $2.323 million in third quarter 2025

Adjusted Funds From Operations (AFFO) $878,000 loss Third quarter 2026; $3.181 million loss in third quarter 2025

Net cash provided by operating activities $4.721 million Nine months ended September 30, 2026; $78,000 used in the same 2025 period

Greenwood Plaza gross selling price Approximately $19.4 million Property sale on July 8, 2026

Initial Term Loans outstanding and interest rate $266.852 million at 9.00% As of September 30, 2026

Key Terms

Funds From Operations (FFO), Adjusted Funds From Operations (AFFO), Net Operating Income (NOI), Sequential Same Store, +1 more

5 terms

Funds From Operations (FFO) financial

"Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO)"

Funds from operations (FFO) is a performance measure commonly used for real estate companies that adjusts net income by adding back non‑cash items like building depreciation and removing one‑time gains or losses from property sales, to show recurring operating earnings. Investors use FFO to judge a property portfolio’s ability to generate cash for dividends and growth — think of it as measuring a car’s regular fuel efficiency rather than its accounting value or one‑off resale price.

Adjusted Funds From Operations (AFFO) financial

"Adjusted Funds From Operations (AFFO)"

Adjusted funds from operations (AFFO) is a cash-based measure used mainly for real estate companies that starts with net income and removes accounting items plus recurring maintenance costs to show the cash a property business actually generates for owners. Think of it like a household budget: after counting your income, AFFO subtracts routine upkeep and tenant turnover bills so investors can see the money likely available for dividends or reinvestment. It matters because it gives a clearer picture of sustainable cash flow than raw accounting profit.

Net Operating Income (NOI) financial

"Net Operating Income (NOI)"

Net operating income (NOI) is the money a property or business generates from its regular operations after paying direct operating costs (like maintenance, utilities, and staff) but before paying financing costs, taxes, or accounting write‑downs. Investors use NOI to judge how well an asset produces cash from its core activity—think of it as the profit from running a store before paying the mortgage and taxes—so it helps compare properties and value income-producing investments.

Sequential Same Store financial

"which we call Sequential Same Store"

original issue discounts financial

"amortization of deferred financing costs and original issue discounts"

Earnings Snapshot

Total revenue: $24.934 million

Third quarter ended September 30, 2026

Total revenue $24.934 million Compared with $27.300 million in third quarter 2025

Net loss $9.103 million loss Compared with $8.326 million loss in third quarter 2025

Adjusted EBITDA $10.285 million Compared with $8.582 million in third quarter 2025

FFO $1.435 million Compared with $2.323 million in third quarter 2025

AFFO $878,000 loss Compared with a $3.181 million loss in third quarter 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were FSP's third-quarter 2026 revenue and net loss?

Revenue was $24.934 million and net loss was $9.103 million for the quarter ended September 30, 2026; the comparable third-quarter 2025 figures were $27.300 million and $8.326 million.

Why did FSP suspend its quarterly dividend?

FSP's board determined to suspend quarterly dividend payments partly to redeploy capital into leasing efforts intended to enhance the portfolio's value. The company estimates the suspension will preserve approximately $4.1 million in cash annually and will reassess quarterly when and if payments can be reinstated.

What property did FSP sell in July 2026?

FSP sold Greenwood Plaza in Englewood, Colorado, to University of Colorado Health on July 8, 2026, for a gross selling price of approximately $19.4 million. It used approximately $8.5 million of the net proceeds for debt repayment, including interest and fees.

What was FSP's owned-property occupancy at September 30, 2026?

FSP reported 13 owned properties, 4,613,251 square feet and 66.2% leased as of September 30, 2026. At December 31, 2025, it reported 14 owned properties and 68.9% leased.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Understanding 8-K Material Events →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google

Available on EDGAR 10/27/2026 - 04:26 PM EDT Accepted by SEC EDGAR 10/27/2026 - 04:25 PM EDT

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

October 27, 2026

Franklin Street Properties Corp.

(Exact name of registrant as specified in its charter)

Maryland	001-32470	04-3578653
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

401 Edgewater Place, Suite 200, Wakefield, Massachusetts	01880
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (781) 557-1300

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class		Trading Symbol (s)		Name of each exchange on which registered
Common Stock, $.0001 par value per share		FSP		NYSE American

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On October 27, 2026, Franklin Street Properties Corp. (the “Registrant”) announced its financial results for the third quarter ended September 30, 2026. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The press release references certain supplemental operating and financial data that is now available on the Registrant’s website. A copy of the supplemental operating and financial data is attached hereto as Exhibit 99.2 and is incorporated by reference herein.

The information in this Form 8-K (including Exhibits 99.1 and 99.2) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d)

Exhibits


Exhibit No.		Description

99.1		Press Release issued by Franklin Street Properties Corp. on October 27, 2026.

99.2		Supplemental Operating and Financial Data for the Third Quarter of 2026.

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	FRANKLIN STREET PROPERTIES CORP.

Date: October 27, 2026	By:	/s/ George J. Carter
		George J. Carter
		Chief Executive Officer

Exhibit 99.1


PRESS RELEASE	Franklin Street Properties Corp.

401 Edgewater Place ● Suite 200 ● Wakefield, Massachusetts 01880 ● (781) 557-1300 ● www.fspreit.com


Contact: Georgia Touma (877) 686-9496	For Immediate Release

Franklin Street Properties Corp. Announces

Third Quarter 2026 Results

Wakefield, MA— October 27, 2026—Franklin Street Properties Corp. (the “Company”, “FSP”, “we” or “our”) (NYSE American: FSP), a real estate investment trust (REIT), announced its results for the third quarter ended September 30, 2026.

George J. Carter, Chairman and Chief Executive Officer, commented as follows:

“As we continue to move through 2026, our focus remains squarely on trying to maximize shareholder value through our expanded evaluation of strategic alternatives, proactive asset management, expense management, and efforts to improve leasing and occupancy.

During the quarter, we endeavored to make progress on several important strategic initiatives, while maintaining financial and strategic flexibility.

Importantly, our recent refinancing of our outstanding debt has provided the Company with increased flexibility, allowing us to pursue strategic initiatives in a disciplined and thoughtful manner. This position allows us to act more opportunistically as market conditions evolve and as opportunities emerge.

On July 8, 2026, we sold our Greenwood Plaza property located in Englewood, Colorado to University of Colorado Health for a gross selling price of approximately $19.4 million. In addition, on July 8, 2026, we used approximately $8.5 million of the net proceeds from the disposition for the repayment of debt, including interest and fees. We believe that this disposition reflects disciplined execution, targeted owner-user marketing, and continued progress on our broader strategic objectives.

During the third quarter and into October, the Company continued its expanded strategic review process with BofA Securities and JLL Securities serving as our co-advisors. The process has included extensive market outreach, multiple rounds of price discovery and evaluation of potential Company, portfolio, subportfolio and individual asset transactions. However, office investment demand and liquidity remain uneven nationally and are challenged in several of our markets.

Based on the recommendations of our co-advisors and the results of the process to date, the Company has identified a number of individual asset and subportfolio sale opportunities that it intends to actively pursue in the fourth quarter. The Company will continue working with its co-advisors and prospective purchasers regarding these potential opportunities and any other potential transactions that may arise. Completion of any such sales or transactions will depend on reaching acceptable final pricing terms and counterparties completing due diligence processes and finalizing financing arrangements.

Operationally, we remain focused on improving occupancy, extending lease duration, prudently managing operating expenses, and allocating capital where we believe it can generate the greatest long-term value for our shareholders. Notably, we were successful in reducing general and administrative expenses for the nine months ended September 30, 2026 by $2.6 million compared to the nine months ended September 30, 2025 primarily as a result of lower personnel costs.

We also continue to prioritize leasing and asset management initiatives across the portfolio. These efforts remain important because changes in occupancy, lease duration, capital requirements and tenant quality can materially affect the value and marketability of individual assets.”

-2-

Financial Highlights

●

GAAP net loss was $9.1 million and $35.2 million, or $0.09 and $0.34 per basic and diluted share for the three and nine months ended September 30, 2026, respectively.

●

Funds From Operations (FFO) was $1.4 million and $4.2 million, or $0.01 and $0.04 per basic and diluted share, for the three and nine months ended September 30, 2026, respectively.

●

General and administrative expenses for the nine months ended September 30, 2026, were $2.6 million lower compared to the nine months ended September 30, 2025 as a result of lower personnel costs.

●

On July 8, 2026, we sold our property Greenwood Plaza property located in Englewood, Colorado for a gross selling price of approximately $19.4 million and used proceeds to repay debt of approximately $8.5 million, including interest and fees. We retained cash from the sale of approximately $8.9 million.

Leasing Highlights

●

During the nine months ended September 30, 2026, we leased approximately 226,000 square feet of space of which approximately 163,000 were from renewals and expansions of existing tenants.

●

Our directly-owned real estate portfolio of 13 properties, totaling approximately 4.6 million square feet, was approximately 66.2% leased as of September 30, 2026, compared to approximately 68.9% leased as of December 31, 2025. The decrease in the leased percentage is due to lease expirations exceeding new executed leases during the nine months ended September 30, 2026.

●

The weighted average GAAP base rent per square foot achieved on leasing activity during the nine months ended September 30, 2026, was $33.57, or 11.5% higher than average rents in the respective properties for the year ended December 31, 2025. The average lease term on leases signed during the nine months ended September 30, 2026, was 6.8 years compared to 5.7 years during the year ended December 31, 2025. Overall, the portfolio weighted average rent per occupied square foot was $30.42 as of September 30, 2026, compared to $30.86 as of December 31, 2025.

●

We believe that our continuing portfolio of real estate is well located within their respective markets, primarily in the southwest and mountain west geographic regions, and consists of high-quality assets with long-term upside leasing potential.

Dividend

On March 9, 2026, the Company announced that the Board of Directors had determined to suspend the payment of quarterly dividends. The Board did so in part to redeploy that capital into leasing efforts intended to enhance the value of our portfolio.

The Company estimates that suspension of the dividend will preserve approximately $4.1 million in cash on an annualized basis. The Board and the Company will reassess, on a quarterly basis, when and if quarterly dividend payments can be reinstated and will announce any change to the dividend policy.

Consolidation of Sponsored REIT

As of January 1, 2023, we consolidated the operations of our Monument Circle sponsored REIT into our financial statements and on June 6, 2025, the property held by Monument Circle was sold and Monument Circle and the corporation that had been its sole member were dissolved on December 9, 2025. Additional information about the consolidation of Monument Circle can be found in Note 2, “Significant Accounting Policies - Variable Interest Entities (VIEs)”, Note 3, “Related Party Transactions and Investments in Non-Consolidated Entities - Management fees and interest income from loans” and Note 10, “Disposition of Properties and Assets Held for Sale”, in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for year ended December 31, 2025.

-3-

Non-GAAP Financial Information

A reconciliation of Net loss to FFO, Adjusted Funds From Operations (AFFO) and Sequential Same Store NOI and our definitions of FFO, AFFO and Sequential Same Store NOI can be found on Supplementary Schedules H and I.

Real Estate Update

Supplementary schedules provide property information for the Company’s owned and consolidated properties as of September 30, 2026. The Company will also be filing an updated supplemental information package that will provide stockholders and the financial community with additional operating and financial data. The Company will file this supplemental information package with the SEC and make it available on its website at www.fspreit.com.

Today’s news release, along with other news about Franklin Street Properties Corp., is available on the Internet at www.fspreit.com. We routinely post information that may be important to investors in the Investor Relations section of our website. We encourage investors to consult that section of our website regularly for important information about us and, if they are interested in automatically receiving news and information as soon as it is posted, to sign up for E-mail Alerts.

About Franklin Street Properties Corp.

Franklin Street Properties Corp., based in Wakefield, Massachusetts, is focused on infill and central business district (CBD) office properties in the U.S. Southwest and Mountain West, as well as select opportunistic markets. FSP is focused on long-term growth and appreciation. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. To learn more about FSP please visit our website at www.fspreit.com.

-4-

Forward-Looking Statements

Statements made in this press release that state FSP’s or management’s intentions, beliefs, expectations, or predictions for the future may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This press release may also contain forward-looking statements, such as those relating to our review of strategic alternatives, expectations for future potential leasing activity, expectations for property dispositions, which we may be unable to effect at acceptable terms and conditions, and if we are able to engage in such transactions, the timing thereof, value creation/enhancement in future periods and expectations for growth and leasing activities in future periods, which are based on current judgments and current knowledge of management and are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. Investors are cautioned that our forward-looking statements involve risks and uncertainty, including without limitation, adverse changes in general economic or local market conditions, including as a result of the long-term effects of the COVID-19 pandemic, wars, terrorist attacks or other acts of violence, which may negatively affect the markets in which we and our tenants operate, impacts of changes in tariffs that the United States and other countries have announced or implemented, as well as any additional new tariffs, trade restrictions or export regulations that may be implemented or reversed in the future, inflation rates, interest rates, disruptions in the debt markets, economic conditions in the markets in which we own properties, risks of a lessening of demand for the types of real estate owned by us, adverse changes in energy prices, which if sustained, could negatively impact occupancy and rental rates in the markets in which we own properties, including energy-influenced markets such as Dallas, Denver and Houston, changes in government regulations and regulatory uncertainty, uncertainty about governmental fiscal policy, geopolitical events and expenditures that cannot be anticipated, such as utility rate and usage increases, increases in the level of general and administrative costs as a percentage of revenues as revenues decrease as a result of property dispositions, unanticipated repairs, additional staffing, insurance increases and real estate tax valuation reassessments. See the “Risk Factors” set forth in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, which may be further updated from time to time in subsequent filings with the United States Securities and Exchange Commission. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, acquisitions, dispositions, performance or achievements. We will not update any of the forward-looking statements after the date of this press release to conform them to actual results or to changes in our expectations that occur after such date, other than as required by law.

-5-

Franklin Street Properties Corp.

Earnings Release

Supplementary Information

Table of Contents



Franklin Street Properties Corp. Financial Results	A-C
Real Estate Portfolio Summary Information	D
Portfolio and Other Supplementary Information	E
Percentage of Leased Space	F
Largest 20 Tenants – FSP Owned Portfolio	G
Reconciliation and Definitions of Funds From Operations (FFO) and Adjusted
Funds From Operations (AFFO)	H
Reconciliation and Definition of Sequential Same Store results to Property Net
Operating Income (NOI) and Net Loss	I

-6-

Franklin Street Properties Corp. Financial Results

Supplementary Schedule A

Condensed Consolidated Statements of Operations

(Unaudited)


	For the				For the
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in thousands, except per share amounts)	2026		2025		2026		2025

Revenue:
Rental	$	24,934	$	27,300	$	77,514	$	81,122
Total revenue		24,934		27,300		77,514		81,122

Expenses:
Real estate operating expenses		10,600		10,671		30,896		31,467
Real estate taxes and insurance		2,133		5,262		10,926		14,822
Depreciation and amortization		10,500		10,550		31,512		32,000
General and administrative		2,160		3,034		7,230		9,799
Interest		7,819		6,348		22,618		18,378
Total expenses		33,212		35,865		103,182		106,466

Loss on extinguishment of debt		(1,015)		(7)		(2,282)		(12)
Gain (loss) on sale of properties and impairment of assets held for sale, net		3		—		(7,688)		(12,900)
Interest income		244		249		564		756
Loss before taxes		(9,046)		(8,323)		(35,074)		(37,500)
Tax expense		57		3		161		137
Net loss	$	(9,103)	$	(8,326)	$	(35,235)	$	(37,637)

Weighted average number of shares outstanding, basic and diluted		104,012		103,690		103,839		103,623

Loss per share, basic and diluted:
Net loss per share, basic and diluted	$	(0.09)	$	(0.08)	$	(0.34)	$	(0.36)

-7-

Franklin Street Properties Corp. Financial Results

Supplementary Schedule B

Condensed Consolidated Balance Sheets

(Unaudited)


	September 30,			December 31,
(in thousands, except share and par value amounts)	2026			2025
Assets:
Real estate assets:
Land	$	95,783		$	98,883
Buildings and improvements		1,056,178			1,091,728
Fixtures and equipment		11,255			11,572
		1,163,216			1,202,183
Less accumulated depreciation		408,937			408,461
Real estate assets, net		754,279			793,722
Acquired real estate leases, less accumulated amortization of $15,648 and $14,648, respectively		1,263			2,490
Cash, cash equivalents and restricted cash		34,851			30,571
Tenant rent receivables		1,493			471
Straight-line rent receivable		36,330			38,744
Prepaid expenses and other assets		4,096			4,080
Office computers and furniture, net of accumulated depreciation of $1,003 and $1,047, respectively		119			136
Deferred leasing commissions, net of accumulated amortization of $14,260 and $14,571, respectively		21,023			22,670
Total assets	$	853,454		$	892,884

Liabilities and Stockholders’ Equity:
Liabilities:
Initial Term Loans, less unamortized financing costs and OID of $19,554	$	247,298		$	—
Term loans payable, less unamortized financing costs of $441		—			125,555
Series A & Series B Senior Notes, less unamortized financing costs of $236		—			122,686
Accounts payable and accrued expenses		28,097			28,724
Accrued compensation		247			2,394
Tenant security deposits		6,056			6,198
Lease liability		842			316
Acquired unfavorable real estate leases, less accumulated amortization of $61 and $56, respectively		29			34
Total liabilities		282,569			285,907

Commitments and contingencies

Stockholders’ Equity:
Preferred stock, $.0001 par value, 20,000,000 shares authorized, none issued or outstanding		—			—
Common stock, $.0001 par value, 180,000,000 shares authorized, 104,011,708 and 103,690,340 shares issued and outstanding, respectively		10			10
Additional paid-in capital		1,335,766			1,335,586
Accumulated distributions in excess of accumulated earnings		(764,891)			(728,619)
Total stockholders’ equity		570,885			606,977
Total liabilities and stockholders’ equity	$	853,454		$	892,884

-8-

Franklin Street Properties Corp. Financial Results

Supplementary Schedule C

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	For the
	Nine Months Ended
	September 30,
(in thousands)	2026			2025
Cash flows from operating activities:
Net loss	$	(35,235)		$	(37,637)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense		35,930			34,045
Amortization of above and below market leases		(1)			—
Shares issued as compensation		180			225
Loss on extinguishment of debt		2,282			12
Loss on sale of properties and impairment of assets held for sale, net		7,688			12,900
Changes in operating assets and liabilities:
Tenant rent receivables		(1,022)			(97)
Straight-line rents		2,036			(41)
Lease acquisition costs		(275)			(1,096)
Prepaid expenses and other assets		501			(498)
Accounts payable and accrued expenses		(2,621)			(4,274)
Accrued compensation		(2,147)			(462)
Tenant security deposits		(142)			21
Payment of deferred leasing commissions		(2,453)			(3,176)
Net cash provided by (used in) operating activities		4,721			(78)
Cash flows from investing activities:
Property improvements, fixtures and equipment		(9,755)			(12,608)
Proceeds received from sales of properties		17,993			6,100
Net cash provided by (used in) investing activities		8,238			(6,508)
Cash flows from financing activities:
Distributions to stockholders		(1,037)			(3,108)
Cost of extinguished debt		(1,388)			—
Proceeds received from Initial Term Loans		258,500			—
Repayments of Initial Term Loans		(8,148)			—
Repayments of Term loans payable		(125,995)			(716)
Repayments of Series A&B Senior Notes		(122,922)			(698)
Deferred financing costs		(7,689)			—
Net cash used in financing activities		(8,679)			(4,522)
Net increase (decrease) in cash, cash equivalents and restricted cash		4,280			(11,108)
Cash, cash equivalents and restricted cash, beginning of year		30,571			42,683
Cash, cash equivalents and restricted cash, end of period	$	34,851		$	31,575

-9-

Franklin Street Properties Corp. Earnings Release

Supplementary Schedule D

Real Estate Portfolio Summary Information

(Unaudited & Approximated)


Commercial portfolio lease expirations (1)
	Total	% of
Year	Square Feet	Portfolio
2026	63,114	1.4%
2027	547,333	11.9%
2028	217,436	4.7%
2029	384,322	8.3%
2030	274,286	5.9%
Thereafter (2)	3,126,760	67.8%
	4,613,251	100.0%

(1)	Percentages are determined based upon total square footage.

(2)	Includes 1,558,389 square feet of vacancies at our owned properties as of September 30, 2026.


(dollars & square feet in 000's)	As of September 30, 2026
				% of	Square	% of
State	Properties	Investment		Portfolio	Feet	Portfolio

Colorado	3	$	394,938	52.4%	1,947	42.2%
Texas	7		252,218	33.4%	1,908	41.4%
Minnesota	3		107,123	14.2%	758	16.4%
Total	13	$	754,279	100.0%	4,613	100.0%

-10-

Franklin Street Properties Corp. Earnings Release

Supplementary Schedule E

Portfolio and Other Supplementary Information

(Unaudited & Approximated)

Recurring Capital Expenditures


							For the Nine
(in thousands)	For the Three Months Ended						Months Ended
	31-Mar-26		30-Jun-26		30-Sep-26		30-Sep-26
Tenant improvements	$	3,386	$	1,838	$	4,115	$	9,339
Deferred leasing costs		1,386		248		819		2,453
Non-investment capex		489		729		1,145		2,363
	$	5,261	$	2,815	$	6,079	$	14,155


(in thousands)	For the Three Months Ended								Year Ended
	31-Mar-25		30-Jun-25		30-Sep-25		31-Dec-25		31-Dec-25
Tenant improvements	$	2,374	$	1,415	$	4,469	$	2,023	$	10,281
Deferred leasing costs		545		1,702		929		1,050		4,226
Non-investment capex		1,258		750		753		1,154		3,915
	$	4,177	$	3,867	$	6,151	$	4,227	$	18,422


Square foot & leased percentages	September 30,	December 31,
	2026	2025
Owned Properties:
Number of properties	13	14
Square feet	4,613,251	4,807,663
Leased percentage	66.2%	68.9%

-11-

Franklin Street Properties Corp. Earnings Release

Supplementary Schedule F

Percentage of Leased Space

(Unaudited & Estimated)


									Second				Third
							% Leased (1)		Quarter		% Leased (1)		Quarter
							as of		Average %		as of		Average %
	Property Name		Location		Square Feet		30-Jun-26		Leased (2)		30-Sep-26		Leased (2)
							Jan-00				Jan-00
1	PARK TEN		Houston, TX		157,609		86.8%		86.8%		86.8%		86.8%
2	PARK TEN PHASE II		Houston, TX		156,746		78.3%		77.6%		78.3%		78.3%
	GREENWOOD PLAZA (3)		Englewood, CO		—		65.0%		65.0%		(3)		(3)
3	ADDISON		Addison, TX		289,333		64.3%		64.3%		61.8%		61.8%
4	LIBERTY PLAZA		Addison, TX		217,841		64.3%		66.0%		64.3%		64.3%
5	ELDRIDGE GREEN		Houston, TX		248,399		100.0%		100.0%		100.0%		100.0%
6	121 SOUTH EIGHTH ST		Minneapolis, MN		297,744		75.5%		74.8%		77.4%		76.1%
7	801 MARQUETTE AVE		Minneapolis, MN		129,691		91.8%		91.8%		91.8%		91.8%
8	LEGACY TENNYSON CTR		Plano, TX		209,562		60.9%		60.9%		60.9%		60.9%
9	WESTCHASE I & II		Houston, TX		629,025		67.0%		67.2%		65.5%		66.3%
10	1999 BROADWAY		Denver, CO		682,639		47.5%		48.6%		47.1%		47.1%
11	1001 17TH STREET		Denver, CO		652,423		74.5%		76.4%		73.1%		73.1%
12	PLAZA SEVEN		Minneapolis, MN		330,096		45.3%		46.5%		43.0%		44.6%
13	600 17TH STREET		Denver, CO		612,143		69.7%		69.7%		65.0%		65.8%
	OWNED PORTFOLIO				4,613,251		67.4%		67.9%		66.2%		66.5%

(1)	% Leased as of month's end includes all leases that expire on the last day of the quarter.

(2)	Average quarterly percentage is the average of the end of the month leased percentage for each of the three months during the quarter.

(3)	This property was sold on July 8, 2026.

-12-

Franklin Street Properties Corp. Earnings Release

Supplementary Schedule G

Largest 20 Tenants – FSP Owned Portfolio

(Unaudited & Estimated)

The following table includes the largest 20 tenants in FSP’s owned portfolio based on total square feet:

As of September 30, 2026


			% of
	Tenant	Sq Ft	Portfolio
1	CITGO Petroleum Corporation	248,399	5.4%
2	EOG Resources, Inc.	169,167	3.7%
3	US Government	168,573	3.6%
4	Deluxe Corporation	98,922	2.1%
5	Olin Corporation	81,480	1.8%
6	Permian Resources Operating, LLC	67,856	1.5%
7	Hall and Evans LLC	65,878	1.4%
8	Cyxtera Management, Inc.	61,826	1.3%
9	Precision Drilling (US) Corporation	59,569	1.3%
10	Ping Identity Corp.	54,964	1.2%
11	PwC US Group	54,334	1.2%
12	Coresite, LLC	49,518	1.1%
13	Schwegman, Lundberg & Woessner, P.A.	46,269	1.0%
14	Ark-La-Tex Financial Services, LLC.	41,011	0.9%
15	Invenergy, LLC.	35,088	0.8%
16	Chevron U.S.A., Inc.	35,088	0.8%
17	Moss, Luse & Womble, LLC	34,071	0.7%
18	QB Energy Operating, LLC.	34,063	0.7%
19	WDT Acquisition Corporation	30,913	0.7%
20	CarOffer, LC	30,913	0.6%
	Total	1,467,902	31.8%

-13-

Franklin Street Properties Corp. Earnings Release

Supplementary Schedule H

Reconciliation and Definitions of Funds From Operations (“FFO”) and

Adjusted Funds From Operations (“AFFO”)

A reconciliation of Net loss to FFO and AFFO is shown below and a definition of FFO and AFFO is provided on Supplementary Schedule I. Management believes FFO and AFFO are used broadly throughout the real estate investment trust (REIT) industry as measurements of performance. The Company has included the National Association of Real Estate Investment Trusts (NAREIT) FFO definition as of May 17, 2016 in the table and notes that other REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently. The Company’s computation of FFO and AFFO may not be comparable to FFO or AFFO reported by other REITs or real estate companies that define FFO or AFFO differently.


Reconciliation of Net loss to FFO and AFFO:	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands, except per share amounts)	2026		2025		2026		2025

Net loss	$	(9,103)	$	(8,326)	$	(35,235)	$	(37,637)
Loss (gain) on sale of properties and impairment of asset held for sale, net		(3)		—		7,688		12,900
Amortization of favorable leases		—		—		(1)		—
Depreciation & amortization		10,500		10,550		31,512		32,000
NAREIT FFO		1,394		2,224		3,964		7,263
Lease Acquisition costs		41		99		188		303
Funds From Operations (FFO)	$	1,435	$	2,323	$	4,152	$	7,566

Funds From Operations (FFO)	$	1,435	$	2,323	$	4,152	$	7,566
Loss on extinguishment of debt		1,015		7		2,282		12
Amortization of deferred financing costs and OID		1,666		677		4,418		2,045
Shares issued as compensation		—		—		180		225
Straight-line rent		1,085		(37)		2,036		(41)
Tenant improvements		(4,115)		(4,469)		(9,339)		(8,258)
Leasing commissions		(819)		(929)		(2,453)		(3,176)
Non-investment capex		(1,145)		(753)		(2,363)		(2,761)
Adjusted Funds From Operations (AFFO)	$	(878)	$	(3,181)	$	(1,087)	$	(4,388)

Per Share Data
EPS	$	(0.09)	$	(0.08)	$	(0.34)	$	(0.36)
FFO	$	0.01	$	0.02	$	0.04	$	0.07
AFFO	$	(0.01)	$	(0.03)	$	(0.01)	$	(0.04)

Weighted average shares (basic and diluted)		104,012		103,690		103,839		103,623

-14-

Funds From Operations (“FFO”)

The Company evaluates performance based on Funds From Operations, which we refer to as FFO, as management believes that FFO represents the most accurate measure of activity and is the basis for distributions paid to equity holders. The Company defines FFO as net income or loss (computed in accordance with GAAP), excluding gains (or losses) from sales of property, hedge ineffectiveness, acquisition costs of newly acquired properties that are not capitalized and lease acquisition costs that are not capitalized plus depreciation and amortization, including amortization of acquired above and below market lease intangibles and impairment charges on mortgage loans, properties or investments in non-consolidated REITs, and after adjustments to exclude equity in income or losses from, and, to include the proportionate share of FFO from, non-consolidated REITs.

FFO should not be considered as an alternative to net income or loss (determined in accordance with GAAP), nor as an indicator of the Company’s financial performance, nor as an alternative to cash flows from operating activities (determined in accordance with GAAP), nor as a measure of the Company’s liquidity, nor is it necessarily indicative of sufficient cash flow to fund all of the Company’s needs.

Other real estate companies and the National Association of Real Estate Investment Trusts, or NAREIT, may define this term in a different manner. We have included the NAREIT FFO as of May 17, 2016 in the table and note that other REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently than we do.

We believe that in order to facilitate a clear understanding of the results of the Company, FFO should be examined in connection with net income or loss and cash flows from operating, investing and financing activities in the consolidated financial statements.

Adjusted Funds From Operations (“AFFO”)

The Company also evaluates performance based on Adjusted Funds From Operations, which we refer to as AFFO. The Company defines AFFO as (1) FFO, (2) excluding loss on extinguishment of debt that is non-cash, (3) excluding our proportionate share of FFO and including distributions received, from non-consolidated REITs, (4) excluding the effect of straight-line rent, (5) plus the amortization of deferred financing costs and original issue discounts, (6) plus the value of shares issued as compensation and (7) less recurring capital expenditures that are generally for maintenance of properties, which we call non-investment capex or are second generation capital expenditures. Second generation costs include re-tenanting space after a tenant vacates, which include tenant improvements and leasing commissions.

We exclude development/redevelopment activities, capital expenditures planned at acquisition and costs to reposition a property. We also exclude first generation leasing costs, which are generally to fill vacant space in properties we acquire or were planned for at acquisition.

AFFO should not be considered as an alternative to net income or loss (determined in accordance with GAAP), nor as an indicator of the Company’s financial performance, nor as an alternative to cash flows from operating activities (determined in accordance with GAAP), nor as a measure of the Company’s liquidity, nor is it necessarily indicative of sufficient cash flow to fund all of the Company’s needs. Other real estate companies may define this term in a different manner. We believe that in order to facilitate a clear understanding of the results of the Company, AFFO should be examined in connection with net income or loss and cash flows from operating, investing and financing activities in the consolidated financial statements.

-15-

Franklin Street Properties Corp. Earnings Release

Supplementary Schedule I

Reconciliation and Definition of Sequential Same Store results to property Net Operating Income (NOI) and Net Income

Net Operating Income (“NOI”)

The Company provides property performance based on Net Operating Income, which we refer to as NOI. Management believes that investors are interested in this information. NOI is a non-GAAP financial measure that the Company defines as net income or loss (the most directly comparable GAAP financial measure) plus general and administrative expenses, depreciation and amortization, including amortization of acquired above and below market lease intangibles and impairment charges, interest expense, less equity in earnings of nonconsolidated REITs, interest income, management fee income, hedge ineffectiveness, gains or losses on extinguishment of debt, gains or losses on the sale of assets and excludes non-property specific income and expenses. The information presented includes footnotes and the data is shown by region with properties owned in the periods presented, which we call Sequential Same Store. The comparative Sequential Same Store results include properties held for all periods presented. We exclude properties that have been placed in service, but that do not have operating activity for all periods presented, dispositions and significant nonrecurring income such as bankruptcy settlements and lease termination fees. NOI, as defined by the Company, may not be comparable to NOI reported by other REITs that define NOI differently. NOI should not be considered an alternative to net income or loss as an indication of our performance or to cash flows as a measure of the Company’s liquidity or its ability to make distributions. The calculations of NOI and Sequential Same Store are shown in the following table:


		Rentable
		Square Feet		Three Months Ended			Three Months Ended			Inc			%
(in thousands)		or RSF		30-Sep-26			30-Jun-26			(Dec)			Change
Region
MidWest		758		$	1,228		$	1,466		$	(238)		(16.2)	%
South		1,908			4,155			4,479			(324)		(7.2)	%
West		1,947			6,508			4,966			1,542		31.1	%
Property NOI* from Owned Properties		4,613			11,891			10,911			980		9.0	%
Disposition and Acquisition Properties (a)		-			57			641			(584)		(5.6)	%
NOI*		4,613		$	11,948		$	11,552		$	396		3.4	%

Sequential Same Store				$	11,891		$	10,911		$	980		9.0	%

Less Nonrecurring
Items in NOI* (b)					860			347			513		(4.6)	%

Comparative
Sequential Same Store				$	11,031		$	10,564		$	467		4.4	%

-16-

Reconciliation to	Three Months Ended		Three Months Ended
Net loss	30-Sep-26		30-Jun-26
Net loss	$	(9,103)	$	(16,605)
Add (deduct):
Loss on extinguishment of debt		1,015		—
(Gain) loss on sale of properties and impairment of assets held for sale, net		(3)		7,691
Management fee income		(341)		(311)
Depreciation and amortization		10,500		10,432
Amortization of above/below market leases		—		(1)
General and administrative		2,160		2,401
Interest expense		7,819		7,987
Interest income		(244)		(157)
Non-property specific items, net		145		115


NOI*	$	11,948	$	11,552

(a)	We define Disposition and Acquisition Properties as properties that were sold acquired or consolidated and do not have operating activity for all periods presented.

(b)	Nonrecurring Items in NOI include proceeds from bankruptcies, lease termination fees or other significant nonrecurring income or expenses, which may affect comparability.

*Excludes NOI from investments in and interest income from secured loans to non-consolidated REITs.

Exhibit 99.2

Franklin Street Properties Corp.

Supplemental Operating & Financial Data

401 Edgewater Place ~Wakefield, MA 01880

781.557.1300.~ www.fspreit.com


	Third Quarter 2026 Table of Contents

`
	Page			Page

Company Information	3	Tenant Analysis and Leasing Activity
		Tenants by Industry		16
Key Financial Data		20 Largest Tenants with Annualized Rent and Remaining Term		17-18
Financial Highlights	4	Leasing Activity		19
Income Statements	5	Lease Expirations by Square Feet		20
Balance Sheets	6	Lease Expirations with Annualized Rent per Square Foot		21
Cash Flow Statements	7	Capital Expenditures		22
Property Net Operating Income (NOI)	8

Reconciliation		Disposition Activity		23
FFO & AFFO	9
EBITDA	10	Net Asset Value Components		24
Property NOI	11
		Appendix: Non-GAAP Financial Measures Definitions
Debt Summary	12	FFO		25
		EBITDA and NOI		26
Capital Analysis	13	AFFO		27

Owned and Consolidated Portfolio Overview	14-15

All financial information contained in this supplemental information package is unaudited. In addition, certain statements contained in this supplemental information package may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although FSP believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Factors that could cause actual results to differ materially from FSP’s current expectations include adverse changes in general economic or local market conditions, including as a result of the long-term effects of the COVID-19 pandemic, wars, terrorist attacks or other acts of violence, which may negatively affect the markets in which we and our tenants operate, impacts of changes in tariffs that the United States and other countries have announced or implemented, as well as any additional new tariffs, trade restrictions or export regulations that may be implemented or reversed in the future, inflation rates, interest rates, disruptions in the debt markets, economic conditions in the markets in which we own properties, risks of a lessening of demand for the types of real estate owned by us, adverse changes in energy prices, which if sustained, could negatively impact occupancy and rental rates in the markets in which we own properties, including energy-influenced markets such as Dallas, Denver and Houston, expectations for future potential property dispositions, expectations for future potential leasing activity, changes in government regulations and regulatory uncertainty, uncertainty about governmental fiscal policy, geopolitical events and expenditures that cannot be anticipated, such as utility rate and usage increases, delays in construction schedules, unanticipated increases in construction costs, unanticipated repairs, increases in the level of general and administrative costs as a percentage of revenues as revenues decrease as a result of property dispositions, additional staffing, insurance increases and real estate tax valuation reassessments. FSP assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

			Liberty Plaza, Addison, TX

September 30, 2026| Page 2


	Company Information

Overview		Snapshot (as of September 30, 2026)
Franklin Street Properties Corp., based in Wakefield, Massachusetts, is focused on infill and central business district (CBD) office properties in the U.S. Southwest and Mountain West, as well as select opportunistic markets. FSP is focused on long-term growth and appreciation. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. FSP’s real estate operations include property acquisitions and dispositions, short-term financing, leasing, development and asset management.		Corporate Headquarters	Wakefield, MA
				Fiscal Year-End	31-Dec
				Owned Properties	13
				Total Square Feet	4.6 Million
				Trading Symbol	FSP
				Exchange	NYSE American
				Common Shares Outstanding	104,011,708

Our Business		Total Market Capitalization	$0.3 Billion (1)
As of September 30, 2026, the Company owned a portfolio of real estate consisting of 13 owned properties. The Company may pursue the sale of its properties in order to take advantage of the value creation and demand for its properties, for geographic, property specific reasons or for other general corporate purposes.		Insider Holdings	5.49%



Management Team

George J. Carter	Jeffrey B. Carter
Chief Executive Officer and	President and Chief Investment
Chairman of the Board	Officer

John G. Demeritt	Scott H. Carter
Executive Vice President, Chief	Executive Vice President, General
Financial Officer and Treasurer	Counsel and Secretary

John F. Donahue	Eriel Anchondo
Executive Vice President	Executive Vice President and Chief Operating Officer	1001 17^th Street, Denver, CO

Inquiries
Inquiries should be directed to: Georgia Touma
877.686.9496 or InvestorRelations@fspreit.com (1) Total Market Capitalization is the closing share price multiplied by the number of shares outstanding plus total debt outstanding.

September 30, 2026| Page 3


	Summary of Financial Highlights


(in thousands except per share amounts, SF & number of properties)
		30-Sep-26		30-Jun-26			31-Mar-26		31-Dec-25			30-Sep-25
Income Items:
Rental revenue	$	24,934		$	26,355		$	26,225	$	26,040		$	27,300
Total revenue		24,934			26,355			26,225		26,040			27,300
Net loss		(9,103)			(16,605)			(9,527)		(7,323)			(8,326)
Adjusted EBITDA*		10,285			9,554			9,186		9,680			8,582
FFO*		1,435			1,566			1,151		3,441			2,323
AFFO*		(878)			1,393			(1,602)		79			(3,181)

Per Share Data:
Loss per share	$	(0.09)		$	(0.16)		$	(0.09)	$	(0.07)		$	(0.08)
FFO*	$	0.01		$	0.02		$	0.01	$	0.03		$	0.02
AFFO*	$	(0.01)		$	0.01		$	(0.02)	$	0.00		$	(0.03)
Weighted Average Shares (diluted)		104,012			103,810			103,690		103,690			103,690
Closing share price	$	0.38		$	0.52		$	0.66	$	0.95		$	1.60
Dividend declared	$	—		$	—		$	0.01	$	0.01		$	0.01

Balance Sheet Items:
Real estate, net	$	754,279		$	758,039		$	788,571	$	793,722		$	799,622
Other assets, net		99,175			106,815			93,215		99,162			101,410
Total assets, net		853,454			864,854			881,786		892,884			901,032
Total liabilities, net		282,569			284,866			285,373		285,907			285,695
Stockholders' equity		570,885			579,988			596,413		606,977			615,337

Market Capitalization and Debt:
Total Market Capitalization (a)	$	306,376		$	329,086		$	343,436	$	347,423		$	414,822
Total debt outstanding (excluding unamortized financing costs)	$	266,852		$	275,000		$	275,000	$	248,917		$	248,917
Debt to Total Market Capitalization		87.1%			83.6%			80.1%		71.6%			60.0%
Net Debt to Adjusted EBITDA ratio*		5.6			6.6			6.8		5.6			6.3

Owned Properties Leasing Statistics:
Owned properties assets		13			14			14		14			14
Owned properties total SF		4,613,251			4,809,487			4,809,487		4,807,663			4,807,663
Owned properties % leased		66.2%			67.4%			68.4%		68.9%			68.9%

(a)	Total Market Capitalization is the closing share price multiplied by the number of shares outstanding plus total debt outstanding on that date.

*	See pages 9 & 10 for reconciliations of net loss to FFO, AFFO and Adjusted EBITDA, respectively, and the Appendix for Non-GAAP Financial Measures Definitions beginning on page 25.

September 30, 2026| Page 4

Condensed Consolidated Income Statements

($ in thousands, except per share amounts)


							For the Nine										For the
	For the Three Months Ended						Months Ended		For the Three Months Ended								Year Ended
	31-Mar-26		30-Jun-26		30-Sep-26		30-Sep-26		31-Mar-25		30-Jun-25		30-Sep-25		31-Dec-25		31-Dec-25

Revenue:
Rental	$	26,225	$	26,355	$	24,934	$	77,514	$	27,107	$	26,715	$	27,300	$	26,040	$	107,162
Total revenue		26,225		26,355		24,934		77,514		27,107		26,715		27,300		26,040		107,162

Expenses:
Real estate operating expenses		10,290		10,006		10,600		30,896		10,095		10,701		10,671		10,573		42,040
Real estate taxes and insurance		4,243		4,550		2,133		10,926		5,369		4,191		5,262		3,389		18,211
Depreciation and amortization		10,580		10,432		10,500		31,512		10,824		10,626		10,550		10,609		42,609
General and administrative		2,669		2,401		2,160		7,230		3,484		3,281		3,034		2,628		12,427
Interest		6,812		7,987		7,819		22,618		5,691		6,339		6,348		6,340		24,718
Total expenses		34,594		35,376		33,212		103,182		35,463		35,138		35,865		33,539		140,005

Loss on extinguishment of debt		(1,267)		—		(1,015)		(2,282)		(2)		(3)		(7)		—		(12)
Gain (loss) on sale of properties and impairment of assets held for sale, net		—		(7,691)		3		(7,688)		(13,284)		384		—		(2)		(12,902)
Interest income		163		157		244		564		259		248		249		230		986
Loss before taxes		(9,473)		(16,555)		(9,046)		(35,074)		(21,383)		(7,794)		(8,323)		(7,271)		(44,771)
Tax expense		54		50		57		161		52		82		3		52		189

Net loss	$	(9,527)	$	(16,605)	$	(9,103)	$	(35,235)	$	(21,435)	$	(7,876)	$	(8,326)	$	(7,323)	$	(44,960)

Weighted average number of shares outstanding, basic and diluted		103,690		103,810		104,012		103,839		103,567		103,610		103,690		103,690		103,640

Net loss per share, basic and diluted	$	(0.09)	$	(0.16)	$	(0.09)	$	(0.34)	$	(0.21)	$	(0.08)	$	(0.08)	$	(0.07)	$	(0.43)

September 30, 2026| Page 5

$ in thousands, except per share amounts)

Condensed Consolidated Balance Sheets

(in thousands)


	March 31,		June 30,		September 30,		March 31,		June 30,		September 30,		December 31,
	2026		2026		2026		2025		2025		2025		2025
Assets:
Real estate assets:
Land	$	98,882	$	95,782	$	95,783	$	98,882	$	98,883	$	98,883	$	98,883
Buildings and improvements		1,094,771		1,053,670		1,056,178		1,083,971		1,085,048		1,088,981		1,091,728
Fixtures and equipment		11,562		11,220		11,255		11,289		11,399		11,355		11,572
		1,205,215		1,160,672		1,163,216		1,194,142		1,195,330		1,199,219		1,202,183
Less accumulated depreciation		416,644		402,633		408,937		383,815		391,918		399,597		408,461
Real estate assets, net		788,571		758,039		754,279		810,327		803,412		799,622		793,722
Acquired real estate leases, net		2,080		1,670		1,263		3,737		3,309		2,899		2,490
Assets held for sale		—		17,987		—		5,685		—		—		—
Cash, cash equivalents and restricted cash		23,753		22,459		34,851		31,559		30,518		31,575		30,571
Tenant rent receivables, net		1,345		1,436		1,493		1,462		1,568		1,380		471
Straight-line rent receivable, net		38,670		37,411		36,330		37,724		37,839		38,857		38,744
Prepaid expenses and other assets		4,322		4,445		4,096		3,429		3,583		3,889		4,080
Office computers and furniture, net of accumulated depreciation		124		132		119		62		55		48		136
Deferred leasing commissions, net		22,921		21,275		21,023		22,381		22,959		22,762		22,670
Total assets	$	881,786	$	864,854	$	853,454	$	916,366	$	903,243	$	901,032	$	892,884

Liabilities and Stockholders’ Equity:
Liabilities:
Initial Term Loan payable, net of unamortized financing costs and OID	$	251,527	$	253,136	$	247,298	$	—	$	—	$	—	$	—
Term loan payable, net of unamortized financing costs		—		—		—		124,861		125,124		125,114		125,555
Series A & Series B Senior Notes		—		—		—		122,595		122,656		122,449		122,686
Accounts payable and accrued expenses		26,391		24,220		28,097		27,510		22,010		28,785		28,724
Accrued compensation		234		349		247		1,205		1,911		2,635		2,394
Tenant security deposits		6,186		6,207		6,056		6,156		6,289		6,258		6,198
Lease liability		1,002		923		842		612		515		417		316
Acquired unfavorable real estate leases, net		33		31		29		41		38		37		34
Total liabilities		285,373		284,866		282,569		282,980		278,543		285,695		285,907

Commitments and contingencies

Stockholders’ Equity:
Preferred stock		—		—		—		—		—		—		—
Common stock		10		10		10		10		10		10		10
Additional paid-in capital		1,335,586		1,335,766		1,335,766		1,335,361		1,335,586		1,335,586		1,335,586
Accumulated distributions in excess of accumulated earnings		(739,183)		(755,788)		(764,891)		(701,985)		(710,896)		(720,259)		(728,619)
Total stockholders’ equity		596,413		579,988		570,885		633,386		624,700		615,337		606,977
Total liabilities and stockholders’ equity	$	881,786	$	864,854	$	853,454	$	916,366	$	903,243	$	901,032	$	892,884

September 30, 2026| Page 6

Condensed Consolidated Statements of Cash Flows

(in thousands)



	Nine Months Ended September 30,
	2026		2025
Cash flows from operating activities:
Net loss	$	(35,235)	$	(37,637)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization expense		35,930		34,045
Amortization of above and below market leases		(1)		—
Shares issued as compensation		180		225
Loss on extinguishment of debt		2,282		12
Loss on sale of properties and impairment of assets held for sale, net		7,688		12,900
Changes in operating assets and liabilities:
Tenant rent receivables		(1,022)		(97)
Straight-line rents		2,036		(41)
Lease acquisition costs		(275)		(1,096)
Prepaid expenses and other assets		501		(498)
Accounts payable and accrued expenses		(2,621)		(4,274)
Accrued compensation		(2,147)		(462)
Tenant security deposits		(142)		21
Payment of deferred leasing commissions		(2,453)		(3,176)
Net cash provided by (used in) operating activities		4,721		(78)

Cash flows from investing activities:
Property improvements, fixtures and equipment		(9,755)		(12,608)
Proceeds received from sales of properties		17,993		6,100
Net cash provided by (used in) investing activities		8,238		(6,508)

Cash flows from financing activities:
Distributions to stockholders		(1,037)		(3,108)
Cost of extinguished debt		(1,388)		—
Proceeds received from Initial Term Loan		258,500		—
Repayments of Initial Term Loans		(8,148)		—
Repayments of term loans payable		(125,995)		(716)
Repayments of Series A&B Senior Notes		(122,922)		(698)
Deferred financing costs		(7,689)		—
Net cash used in financing activities		(8,679)		(4,522)
Net increase (decrease) in cash, cash equivalents and restricted cash		4,280		(11,108)
Cash, cash equivalents and restricted cash, beginning of period		30,571		42,683
Cash, cash equivalents and restricted cash, end of period	$	34,851	$	31,575

September 30, 2026| Page 7

(in thousands)

Property Net Operating Income (NOI)* with

Same Store Comparison (in thousands)



		Rentable
		Square Feet		Three Months Ended									Nine Months Ended			Three Months Ended									Nine Months Ended						%
(in thousands)		or RSF		31-Mar-26			30-Jun-26			30-Sep-26			30-Sep-26			31-Mar-25			30-Jun-25			30-Sep-25			30-Sep-25			Inc (Dec)			Change
Region
MidWest		758		$	1,373		$	1,466		$	1,228		$	4,067		$	1,356		$	1,758		$	1,489		$	4,603		$	(536)		(11.6)	%
South		1,908			4,692			4,479			4,155			13,326			4,331			4,393			4,144			12,868			458		3.6	%
West		1,947			4,911			4,966			6,508			16,385			5,389			5,045			5,003			15,437			948		6.1	%
Property NOI* from Owned Properties		4,613			10,976			10,911			11,891			33,778			11,076			11,196			10,636			32,908			870		2.6	%
Disposition and Acquisition Properties (a)		-			475			641			57			1,173			267			363			456			1,086			87		0.2	%
Property NOI*		4,613		$	11,451		$	11,552		$	11,948		$	34,951		$	11,343		$	11,559		$	11,092		$	33,994		$	957		2.8	%

Same Store				$	10,976		$	10,911		$	11,891		$	33,778		$	11,076		$	11,196		$	10,636		$	32,908		$	870		2.6	%

Less Nonrecurring
Items in NOI* (b)					52			347			860			1,259			55			52			52			159			1,100		(3.3)	%

Comparative
Same Store				$	10,924		$	10,564		$	11,031		$	32,519		$	11,021		$	11,144		$	10,584		$	32,749		$	(230)		(0.7)	%

(a)	We define Disposition and Acquisition Properties as properties that were sold or acquired or consolidated and do not have operating activity for all periods presented.

(b)	Nonrecurring items in NOI include proceeds from bankruptcies, lease termination fees or other significant nonrecurring income or expenses, which may affect comparability.

*	See Appendix for Non-GAAP Financial Measures Definitions beginning on page 25.

September 30, 2026| Page 8

FFO* & AFFO* Reconciliation

(in thousands, except per share amounts)


							Nine Months										Year
	Three Months Ended						Ended		Three Months Ended								Ended
	31-Mar-26		30-Jun-26		30-Sep-26		30-Sep-26		31-Mar-25		30-Jun-25		30-Sep-25		31-Dec-25		31-Dec-25

Net loss	$	(9,527)	$	(16,605)	$	(9,103)	$	(35,235)	$	(21,435)	$	(7,876)	$	(8,326)	$	(7,323)	$	(44,960)
Loss (gain) on sale of properties and impairment of assets held for sale, net		—		7,691		(3)		7,688		13,284		(384)		—		2		12,902
Amortization of favorable leases		—		(1)		—		(1)		—		—		—		—		—
Depreciation & amortization		10,580		10,432		10,500		31,512		10,824		10,626		10,550		10,609		42,609
NAREIT FFO*		1,053		1,517		1,394		3,964		2,673		2,366		2,224		3,288		10,551
Lease Acquisition costs		98		49		41		188		54		150		99		153		456
Funds From Operations (FFO)*	$	1,151	$	1,566	$	1,435	$	4,152	$	2,727	$	2,516	$	2,323	$	3,441	$	11,007


Adjusted Funds From Operations (AFFO)*
Funds From Operations (FFO)*	$	1,151	$	1,566	$	1,435	$	4,152	$	2,727	$	2,516	$	2,323	$	3,441	$	11,007
Loss on extinguishment of debt		1,267		—		1,015		2,282		2		3		7		—		12
Amortization of deferred financing costs and OID		1,020		1,732		1,666		4,418		685		683		677		677		2,722
Shares issued as compensation		—		180		—		180		—		225		—		—		225
Straight-line rent		221		730		1,085		2,036		70		(74)		(37)		188		147
Tenant improvements		(3,386)		(1,838)		(4,115)		(9,339)		(2,374)		(1,415)		(4,469)		(2,023)		(10,281)
Leasing commissions		(1,386)		(248)		(819)		(2,453)		(545)		(1,702)		(929)		(1,050)		(4,226)
Non-investment capex		(489)		(729)		(1,145)		(2,363)		(1,258)		(750)		(753)		(1,154)		(3,915)
Adjusted Funds From Operations (AFFO)*	$	(1,602)	$	1,393	$	(878)	$	(1,087)	$	(693)	$	(514)	$	(3,181)	$	79	$	(4,309)

Per Share Data:
Loss per share	$	(0.09)	$	(0.16)	$	(0.09)	$	(0.34)	$	(0.21)	$	(0.08)	$	(0.08)	$	(0.07)	$	(0.43)
FFO*		0.01		0.02		0.01		0.04		0.03		0.02		0.02		0.03		0.11
AFFO*		(0.02)		0.01		(0.01)		(0.01)		(0.01)		(0.00)		(0.03)		0.00		(0.04)

Weighted Average Shares (basic and diluted)		103,690		103,810		104,012		103,839		103,567		103,610		103,690		103,690		103,640

*	See Appendix for Non-GAAP Financial Measures Definitions beginning on page 25.

September 30, 2026| Page 9

EBITDA* & Adjusted EBITDA* Reconciliation

(in thousands, except ratio amounts)


							Nine Months										Year
	Three Months Ended						Ended		Three Months Ended								Ended
	31-Mar-26		30-Jun-26		30-Sep-26		30-Sep-26		31-Mar-25		30-Jun-25		30-Sep-25		31-Dec-25		31-Dec-25

Net loss	$	(9,527)	$	(16,605)	$	(9,103)	$	(35,235)	$	(21,435)	$	(7,876)	$	(8,326)	$	(7,323)	$	(44,960)
Interest expense		6,812		7,987		7,819		22,618		5,691		6,339		6,348		6,340		24,718
Amortization of favorable leases		—		(1)				(1)		—		—		—		—		—
Depreciation and amortization		10,580		10,432		10,500		31,512		10,824		10,626		10,550		10,609		42,609
Income taxes		54		50		57		161		52		82		3		52		189
EBITDA*	$	7,919	$	1,863		9,273	$	19,055	$	(4,868)	$	9,171	$	8,575	$	9,678	$	22,556
Loss on extinguishment of debt		1,267		—		1,015		2,282		2		3		7		—		12
Loss (gain) on sale of properties and impairment of assets held for sale, net		—		7,691		(3)		7,688		13,284		(384)		—		2		12,902
Adjusted EBITDA*	$	9,186	$	9,554	$	10,285	$	29,025	$	8,418	$	8,790	$	8,582	$	9,680	$	35,470

Interest expense	$	6,812	$	7,987	$	7,819	$	22,618	$	5,691	$	6,339	$	6,348	$	6,340	$	24,718
Scheduled principal payments		—		—		—		—		—		—		—		—		—
Interest and scheduled principal payments	$	6,812	$	7,987	$	7,819	$	22,618	$	5,691	$	6,339	$	6,348	$	6,340	$	24,718

Interest coverage ratio		1.35		1.20		1.32		1.28		1.48		1.39		1.35		1.53		1.43

Debt service coverage ratio		1.35		1.20		1.32		1.28		1.48		1.39		1.35		1.53		1.43

Debt excluding unamortized financing costs	$	275,000	$	275,000	$	266,852			$	250,179	$	249,818	$	248,917	$	248,917
Cash, cash equivalents and restricted cash		23,753		22,459		34,851				31,559		30,518		31,575		30,571
Net Debt (Debt less Cash, cash equivalents and restricted cash)	$	251,247	$	252,541	$	232,001			$	218,620	$	219,300	$	217,342	$	218,346

Adjusted EBITDA*	$	9,186	$	9,554	$	10,285			$	8,418	$	8,790	$	8,582	$	9,680
Annualized	$	36,744	$	38,216	$	41,140			$	33,672	$	35,160	$	34,328	$	38,720

Net Debt-to-Adjusted EBITDA ratio*		6.8		6.6		5.6				6.5		6.2		6.3		5.6

*	See Appendix for Non-GAAP Financial Measures Definitions beginning on page 25.

September 30, 2026| Page 10

Reconciliation of Net Income (Loss) to Property NOI*

(in thousands)


							Nine Months								Nine Months
	Three Months Ended						Ended		Three Months Ended						Ended
	31-Mar-26		30-Jun-26		30-Sep-26		30-Sep-26		31-Mar-25		30-Jun-25		30-Sep-25		30-Sep-25
Net loss	$	(9,527)	$	(16,605)	$	(9,103)	$	(35,235)	$	(21,435)	$	(7,876)	$	(8,326)	$	(37,637)
Add (deduct):
Loss on extinguishment of debt		1,267		—		1,015		2,282		2		3		7		12
Loss (gain) on sale of properties and impairment of assets held for sale, net		—		7,691		(3)		7,688		13,284		(384)		—		12,900
Management fee income		(375)		(311)		(341)		(1,027)		(380)		(334)		(345)		(1,059)
Depreciation and amortization		10,580		10,432		10,500		31,512		10,824		10,626		10,550		32,000
Amortization of above/below market leases		—		(1)		—		(1)		—		—		—		—
General and administrative		2,669		2,401		2,160		7,230		3,484		3,281		3,034		9,799
Interest expense		6,812		7,987		7,819		22,618		5,691		6,339		6,348		18,378
Interest income		(163)		(157)		(244)		(564)		(259)		(248)		(249)		(756)
Non-property specific items, net		188		115		145		448		132		152		73		357
Property NOI*	$	11,451	$	11,552	$	11,948	$	34,951	$	11,343	$	11,559	$	11,092	$	33,994

*	See Appendix for Non-GAAP Financial Measures Definitions beginning on page 25.

September 30, 2026| Page 11

Debt Summary

(in thousands)


	Outstanding		Interest
	Balance at:		Rate at
	30-Sep-26		30-Sep-26

Initial Term Loans	$	266,852	9.00%
Delayed Draw Term Loans		—	9.00%
	$	266,852	9.00%

●

The table above is a summary of our debt as of September 30, 2026.

●

On February 26, 2026, we entered into a Credit Agreement with Alter Domus (US) LLC, as administrative agent, and an affiliate of TPG Credit. The Credit Agreement provides for a secured credit facility for aggregate principal commitments of up to $320 million, consisting of (i) initial term loans in an aggregate principal amount of $275 million, and (ii) delayed draw term loans available upon the approval of the lenders after the closing date in an aggregate principal amount of up to $45 million. The delayed draw term loans may be used, subject to certain conditions, to fund tenant improvements, leasing commissions, building improvements and other uses approved by the lenders. We used the proceeds of the initial term loans on the closing date to refinance and retire all outstanding indebtedness under the BMO Term Loan, BofA Term Loan and the Senior Notes (as such terms are defined in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2026).

●

On July 8, 2026, we sold a property in Greenwood, Colorado and repaid approximately $8.1 million principal amount of our Initial Term Loan.

●

Additional information on our current and prior debt can be found in our Annual Report on Form 10-K for the year ended December 31, 2025, as updated in our Quarterly Reports on Form 10-Q.

September 30, 2026| Page 12

Capital Analysis

(in thousands, except per share amounts)


		31-Mar-26			30-Jun-26			30-Sep-26		31-Mar-25			30-Jun-25			30-Sep-25			31-Dec-25
Market Data:
Shares Outstanding			103,690			104,012			104,012		103,567			103,690			103,690			103,690
Closing market price per share		$	0.66		$	0.52		$	0.38	$	1.78		$	1.64		$	1.60		$	0.95
Market capitalization		$	68,436		$	54,086		$	39,524	$	184,349		$	170,052		$	165,905		$	98,506
Total debt outstanding excluding unamortized financing costs			275,000			275,000			266,852		250,179			249,818			248,917			248,917
Total Market Capitalization		$	343,436		$	329,086		$	306,376	$	434,528		$	419,870		$	414,822		$	347,423

Dividend Data:
Total dividends declared for the quarter		$	1,037		$	—		$	—	$	1,036		$	1,035		$	1,037		$	1,037
Common dividend declared per share		$	0.01		$	—		$	—	$	0.01		$	0.01		$	0.01		$	0.01
Declared dividend as a % of Net income (loss) per share			(11)%			—			—		(5)%			(13)%			(12)%			(14)%
Declared dividend as a % of AFFO* per share			(65)%			—			—		(149)%			(202)%			(33)%			1313%

*See page 9 for a reconciliation of net loss to AFFO and the Appendix for Non-GAAP Financial Measures Definitions beginning on page 25.

September 30, 2026| Page 13


	Owned & Consolidated Portfolio Overview


		As of the Quarter Ended
		30-Sep-26	30-Jun-26	31-Mar-26	31-Dec-25	30-Sep-25
Total Owned Properties:
Number of properties (a)		13	14	14	14	14
Square feet		4,613,251	4,809,487	4,809,487	4,807,663	4,807,663
Leased percentage		66.2%	67.4%	68.4%	68.9%	68.9%

(a)

Includes property classified as an asset held for sale as of June 30, 2026, which was sold on July 8, 2026.

September 30, 2026| Page 14


	Owned Portfolio Overview


								Percent		Wtd Occupied		GAAP										Percent		Wtd Occupied		GAAP
MSA / Property Name		City		State		Square Feet		Leased		Percentage (a)		Rent (b)		MSA / Property Name		City		State		Square Feet		Leased		Percentage (a)		Rent (b)

South Region														Midwest Region
Dallas-Fort Worth														Minneapolis
Legacy Tennyson Center		Plano		TX		209,562		60.9%		60.9%		$	32.54	121 South 8th Street		Minneapolis		MN		297,744		77.4%		73.8%		$	24.58
Addison Circle		Addison		TX		289,333		61.8%		63.5%			36.14	801 Marquette Ave		Minneapolis		MN		129,691		91.8%		91.8%			27.16
Liberty Plaza		Addison		TX		217,841		64.3%		65.2%			26.30	Plaza Seven		Minneapolis		MN		330,096		43.0%		46.6%			32.05
														Midwest Region Total						757,531		64.9%		65.0%		$	27.53

Houston														West Region
Park Ten		Houston		TX		157,609		86.8%		85.5%			27.60	Denver
Eldridge Green		Houston		TX		248,399		100.0%		100.0%			28.10	1999 Broadway		Denver		CO		682,639		47.1%		47.9%		$	33.56
Park Ten Phase II		Houston		TX		156,746		78.3%		76.3%			29.43	1001 17th Street		Denver		CO		652,423		73.1%		71.8%			32.52
Westchase I & II		Houston		TX		629,025		65.5%		61.3%			25.99	600 17th Street		Denver		CO		612,143		65.0%		66.8%			33.98
														West Region Total						1,947,205		61.4%		61.8%		$	33.30



South Region Total						1,908,515		71.6%		70.3%		$	28.90	Total Owned Properties						4,613,251		66.2%		65.9%		$	30.42

(a)	Weighted Occupied Percentage for the nine months ended September 30, 2026.

(b)	Weighted Average GAAP Rent per Occupied Square Foot.

September 30, 2026| Page 15

Tenants by Industry

(Owned Properties by Square Feet)

September 30, 2026| Page 16

20 Largest Tenants with Annualized Rent and Remaining Term

(Owned Properties)


					Remaining		Aggregate							% of Aggregate
	Tenant		Number of		Lease Term		Leased		% of Total		Annualized			Leased
	Name		Leases		in Months		Square Feet		Square Feet		Rent (a)			Annualized Rent

1	CITGO Petroleum Corporation		1		78		248,399		5.4%		$	8,100,291		8.1%
2	EOG Resources, Inc.		1		3		169,167		3.7%			6,580,596		6.5%
3	US Government		2		51, 52		168,573		3.6%			6,654,754		6.6%
4	Deluxe Corporation		1		130		98,922		2.1%			3,023,120		3.0%
5	Olin Corporation		1		106		81,480		1.8%			2,560,102		2.6%
6	Permian Resources Operating, LLC		1		61		67,856		1.5%			3,110,738		3.1%
7	Hall and Evans LLC		1		5		65,878		1.4%			2,889,950		2.9%
8	Cyxtera Management, Inc.		1		40		61,826		1.3%			2,497,152		2.5%
9	Precision Drilling (US) Corporation		1		20		59,569		1.3%			2,158,781		2.1%
10	Ping Identity Corp.		1		57		54,964		1.2%			1,902,304		1.9%
11	PwC US Group		1		28		54,334		1.2%			1,807,692		1.8%
12	Coresite, LLC		1		110		49,518		1.1%			1,874,256		1.9%
13	Schwegman, Lundberg & Woessner, P.A.		1		16		46,269		1.0%			1,414,005		1.4%
14	Ark-La-Tex Financial Services, LLC.		1		6		41,011		0.9%			1,566,049		1.6%
15	Invenergy, LLC. (b)		1		111		35,088		0.8%			1,134,527		1.1%
16	Chevron U.S.A., Inc.		1		11		35,088		0.8%			1,546,328		1.5%
17	Moss, Luse & Womble, LLC		1		119		34,071		0.7%			1,199,640		1.2%
18	QB Energy Operating, LLC.		1		77		34,063		0.7%			1,506,266		1.5%
19	WDT Acquisition Corporation		1		115		30,913		0.7%			1,150,273		1.1%
20	CarOffer, LC		1		40		30,913		0.6%			1,172,221		1.2%

					Total		1,467,902		31.8%		$	53,849,045		53.6%

Footnotes on next page

September 30, 2026| Page 17

20 Largest Tenants with Annualized Rent and Remaining Term

(Owned Properties)

Footnotes:

(a) Annualized rent represents the monthly rent charged, including tenant reimbursements, for each lease in effect at September 30, 2026 multiplied by 12. Tenant reimbursements generally include payment of real estate taxes, operating expenses and common area maintenance and utility charges.

(b) Includes 3,146 square feet commencing on January 1, 2027; and 3,929 square feet commencing on January 1, 2028.

September 30, 2026| Page 18

Leasing Activity

(Owned Properties)


				Year		Year
	Nine Months Ended			Ended		Ended
Leasing Activity		30-Sep-26	30-Sep-25		31-Dec-25		31-Dec-24
(in Square Feet - SF)
New leasing		63,000	55,000		93,000		171,000
Renewals and expansions		163,000	219,000		320,000		445,000
		226,000	274,000		413,000		616,000

Other information per SF
(Activity on a year-to-date basis)
GAAP Rents on leasing	$	33.57	31.81	$	32.42	$	30.06
Weighted average lease term		6.8 Years	5.7 Years		5.7 Years		6.3 Years

Increase over average GAAP rents in prior year (a)		11.5%	6.0%		5.7%		8.2%

Average free rent		5 Months	4 Months		4 Months		4 Months
Tenant Improvements	$	32.10	24.83	$	23.02	$	26.06
Leasing Costs	$	10.90	9.98	$	9.24	$	9.72

(a) The increase or decrease percentage is calculated by comparing average GAAP rents at properties that had leasing activity in the current year to average GAAP rents at the same properties in the prior year.

September 30, 2026| Page 19

Lease Expirations by Square Feet

(Owned Properties as of September 30, 2026)

September 30, 2026| Page 20

Lease Expirations with Annualized Rent per Square Foot (SF)

(Owned Properties as of September 30, 2026)


			Rentable				Annualized		Percentage
	Number of		Square				Rent		of Total
Year of	Leases		Footage		Annualized		Per Square		Annualized
Lease	Expiring		Subject to		Rent Under		Foot Under		Rent Under
Expiration	Within the		Expiring		Expiring		Expiring		Expiring	Cumulative
September 30,	Year (a)		Leases		Leases (b)		Leases		Leases	Total

2026	10	(c)	63,114		$	1,764,582	$	27.96	1.8%	1.8%
2027	33		547,333			20,722,910		37.86	20.6%	22.4%
2028	24		217,436			7,299,593		33.57	7.3%	29.7%
2029	41		384,322			11,723,372		30.50	11.7%	41.4%
2030	21		274,286			9,081,197		33.11	9.0%	50.4%
2031	24		448,002			16,641,737		37.15	16.6%	67.0%
2032	9		80,741			1,742,628		21.58	1.7%	68.7%
2033	13		401,497			13,410,120		33.40	13.3%	82.0%
2034	9		101,344			2,543,046		25.09	2.5%	84.5%
2035	8		176,208			5,824,467		33.05	5.8%	90.3%
2036 and thereafter	24		360,579	(d)		9,773,562		27.11	9.7%	100.0%
Leased total	216		3,054,862		$	100,527,214	$	32.91	100.0%
Owned property vacant SF			1,558,389
Total Portfolio Square Footage			4,613,251

(a)	The number of leases approximates the number of tenants. Tenants with lease maturities in different years are included in annual totals for each lease. Tenants may have multiple leases in the same year.

(b)	Annualized rent represents the monthly rent charged, including tenant reimbursements, for each lease in effect at September 30, 2026 multiplied by 12. Tenant reimbursements generally include payment of real estate taxes, operating expenses and common area maintenance and utility charges.

(c)	Includes 4 leases that are month-to-month.

(d)	Includes 53,068 square feet that are non-revenue producing building amenities.

September 30, 2026| Page 21

Capital Expenditures

(Owned and Consolidated Properties)


(in thousands)							Nine Months
	For the Three Months Ended						Ended
	31-Mar-26		30-Jun-26		30-Sep-26		30-Sep-26

Tenant improvements	$	3,386	$	1,838	$	4,115	$	9,339
Deferred leasing costs		1,386		248		819		2,453
Non-investment capex		489		729		1,145		2,363
Total Capital Expenditures	$	5,261	$	2,815	$	6,079	$	14,155


	For the Three Months Ended								Year Ended
	31-Mar-25		30-Jun-25		30-Sep-25		31-Dec-25		31-Dec-25

Tenant improvements	$	2,374	$	1,415	$	4,469	$	2,023	$	10,281
Deferred leasing costs		545		1,702		929		1,050		4,226
Non-investment capex		1,258		750		753		1,154		3,915
Total Capital Expenditures	$	4,177	$	3,867	$	6,151	$	4,227	$	18,422

First generation leasing and investment capital expenditures was $0 for the nine months ended September 30, 2026 and the year ended December 31, 2025.

September 30, 2026| Page 22

Disposition Activity

(in thousands except for Square Feet)


Recent Dispositions:										Gross Sale			Gain (loss)
		City		State		Square Feet		Date Sold		Proceeds			on Sale
2026
Greenwood Plaza		Englewood		CO		196,236		7/8/26		$	19,356		$	(7,642)

2025
Monument Circle		Indianapolis		IN		213,760		6/6/25		$	6,000		$	(12,960)

2024
Collins Crossing		Richardson		TX		300,887		1/26/24		$	35,000		$	(2,145)
Innsbrook		Glenn Allen		VA		298,183		7/8/2024			31,000			(13,247)
Pershing Park		Atlanta		GA		160,145		10/23/24			34,000			(27,511)

2023
Northwest Point		Elk Grove		IL		177,095		3/10/23		$	29,125		$	8,391
Forest Park		Charlotte		NC		64,198		8/9/23			9,200			(844)
Liberty Plaza (a)		Addison		TX		n/a		8/23/23			157			53
One Legacy Circle		Plano		TX		214,110		10/26/23			48,000			10,558
Blue Lagoon Drive		Miami		FL		213,182		12/6/23			68,000			(18,872)

2022
380 Interlocken		Broomfield		CO		240,359		8/31/22		$	42,000		$	5,665
390 Interlocken		Broomfield		CO		241,512		8/31/22			60,500			18,412
909 Davis		Evanston		IL		195,098		12/28/22			27,750			3,359

2021
One Ravinia		Atlanta		GA		386,602		5/27/21		$	74,879		$	29,075
Two Ravinia		Atlanta		GA		411,047		5/27/21			71,771			29
One Overton Park		Atlanta		GA		387,267		5/27/21			72,850			(6,336)
Loudoun Tech Center		Dulles		VA		136,658		6/29/21			17,250			(2,148)
River Crossing		Indianapolis		IN		205,729		8/31/21			35,050			(1,734)
Timberlake		Chesterfield		MO		234,496		9/23/21			44,667			6,184
Timberlake East		Chesterfield		MO		117,036		9/23/21			22,333			4,111
999 Peachtree		Atlanta		GA		621,946		10/22/21			223,900			86,766
Meadow Point		Chantilly		VA		138,537		11/16/21			25,500			1,878
Stonecroft		Chantilly		VA		111,469		11/16/21			14,500			(4,768)

(a)

Conveyance of approximately 7,826 square feet of land as part of a road revitalization project.

September 30, 2026| Page 23


	Net Asset Value Components


(in thousands except per share data)
	As of
	30-Sep-26		Assets:			Other information:
Total Market Capitalization Values			Straight-line rent receivable	$	36,330	Leased SF to be FFO producing
Shares outstanding		104,012	Assets held for sale		—	during 2026-2028 (in 000's)		40
Closing price	$	0.38	Cash, cash equivalents and restricted cash		34,851
Market capitalization	$	39,524	Tenant rent receivables		1,493	Straight-line rental revenue current quarter	$	(1,085)
Debt		266,852	Prepaid expenses		3,279
Total Market Capitalization	$	306,376	Office computers and furniture		119
			Other assets:
			Deferred financing costs and OID, net		19,554
	3 Months		Other assets - Right-to-Use Asset		817
	Ended			$	96,443
NOI Components	30-Sep-26

Same Store NOI (1)	$	11,891
Acquisitions (1) (2)		—	Liabilities:
Property NOI (1)		11,891	Debt (excluding contra for unamortized financing costs and OID)	$	266,852	Footnotes to the components
Full quarter adjustment (3)		—	Accounts payable & accrued expenses		28,344	(1) See pages 11 & 30 for definitions and reconciliations.
Stabilized portfolio	$	11,891	Tenant security deposits		6,056
			Other liabilities: lease liability & acquired unfavorable lease liability		871	(2) Includes NOI from acquisitions not in Same Store.
				$	302,123
Financial Statement Reconciliation:						(3) Adjustment to reflect property NOI for a full quarter in the quarter acquired, if necessary.
Rental Revenue	$	24,934
Rental operating expenses		(10,600)				(4) HB3 Tax in Texas is classified as an income tax, though we treat it as a real estate tax in Property NOI.
Real estate taxes and insurance		(2,133)
NOI from dispositions & acquisition properties		(57)				(5) Management & other fees are eliminated in consolidation but included in Property NOI.
Taxes (4)		(57)
Management & other fees (5)		(196)
Property NOI (1)	$	11,891

September 30, 2026| Page 24


	Appendix: Non-GAAP Financial Measure Definitions

Definition of Funds From Operations (“FFO”)

Other real estate companies and the National Association of Real Estate Investment Trusts, or NAREIT, may define this term in a different manner. We have included the NAREIT FFO definition as of May 17, 2016 in the table on page 9 and note that other REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently than we do.

September 30, 2026| Page 25


	Appendix: Non-GAAP Financial Measure Definitions

Definition of Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
and Adjusted EBITDA

EBITDA is defined as net income or loss plus interest expense, income tax expense and depreciation and amortization expense. Adjusted EBITDA is defined as EBITDA excluding hedge ineffectiveness, gains or losses on extinguishment of debt, gains and losses on sales of properties or shares of equity investments or provisions for losses on assets held for sale or equity investments. EBITDA and Adjusted EBITDA are not intended to represent cash flow for the period, are not presented as an alternative to operating income as an indicator of operating performance, should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP and are not indicative of operating income or cash provided by operating activities as determined under GAAP. EBITDA and Adjusted EBITDA are presented solely as a supplemental disclosure with respect to liquidity because the Company believes it provides useful information regarding the Company's ability to service or incur debt. Because all companies do not calculate EBITDA or Adjusted EBITDA the same way, this presentation may not be comparable to similarly titled measures of other companies. The Company believes that net income or loss is the financial measure calculated and presented in accordance with GAAP that is most directly comparable to EBITDA and Adjusted EBITDA.

Definition of Property Net Operating Income (Property NOI)

The Company provides property performance based on Net Operating Income, which we refer to as NOI. Management believes that investors are interested in this information. NOI is a non-GAAP financial measure that the Company defines as net income or loss (the most directly comparable GAAP financial measure) plus general and administrative expenses, depreciation and amortization, including amortization of acquired above and below market lease intangibles and impairment charges, interest expense, less equity in earnings of nonconsolidated REITs, interest income, management fee income, hedge ineffectiveness, gains or losses on extinguishment of debt, gains or losses on the sale of assets and excludes non-property specific income and expenses. The information presented includes footnotes and the data is shown by region with properties owned in the periods presented, which we call Same Store. The comparative Same Store results include properties held for all periods presented. We also exclude properties that have been acquired, consolidated or placed in service, but that do not have operating activity for all periods presented, dispositions and significant nonrecurring income such as bankruptcy settlements and lease termination fees. NOI, as defined by the Company, may not be comparable to NOI reported by other REITs that define NOI differently. NOI should not be considered an alternative to net income or loss as an indication of our performance or to cash flows as a measure of the Company's liquidity or its ability to make distributions.

September 30, 2026| Page 26


	Appendix: Non-GAAP Financial Measure Definitions

Definition of Adjusted Funds From Operations (AFFO)

September 30, 2026| Page 27

Investor Relations Contact

Georgia Touma ~ 877.686.9496

InvestorRelations@fspreit.com

Franklin Street Properties Corp.

Supplemental Operating & Financial Data

401 Edgewater Place ~Wakefield, MA 01880

781.557.1300 ~ www.fspreit.com

September 30, 2026| Page 28

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

5 documents

Franklin Street Properties Q3 loss widens to $9.1M

Rhea-AI Filing Summary

Positive

Negative

Filing Explained

8-K Event Classification

Key Figures

Key Terms

Earnings Snapshot

FAQ

What were FSP's third-quarter 2026 revenue and net loss?

Why did FSP suspend its quarterly dividend?

What property did FSP sell in July 2026?

What was FSP's owned-property occupancy at September 30, 2026?

Filing Exhibits & Attachments

Press Releases

Other Documents

Keep reading

More on FSP

Trending in the feed